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The Coach’s Team (TCT) offers the best in conservative essays along with articles taken from various internet sites. The victory of Donald Trump has provided a God-sent opportunity to reverse the years of willful damage done our nation by Barack Hussein Obama.

Wednesday, May 17, 2017

Clinton Foundation scheme defrauds air travelers

The following article appeared on
World Net Daily (wnd.com) on April 23rd 2015. The Coach’s Team
article which precedes this one explains how Bill and Hillary enriched
themselves with an undisclosed airline ticket “tax.” Travelers knew nothing of
this multi-million dollar boost to the Clinton’s finances. Ed.

Wall
Street analyst finds funds meant for Third World missing

by Jerome Corsi

The Clintons appear to have siphoned
off tens of millions of dollars annually from funds the Bill, Hillary, and
Chelsea Clinton Foundation has received from a United Nations-sponsored program
that uses levies on airline tickets to help HIV/AIDs victims in the Third
World, charges a Wall Street analyst.

Charles Ortel says the program through
the U.N. group UNITAID used the Clintons’ international prestige to “leverage”
manufacturers of prescription quality drugs and health-care products and sell
them to developing countries at a discount price to combat AIDS/HIV.

As WND reported Wednesday, over the past six weeks, Ortel has shared with WND, prior to
publication, the results of his six-month, in-depth investigation into what he
characterizes as an elaborate scheme devised by the Clintons to enrich
themselves.

To put in perspective the possible
magnitude of the fraud, the levy imposed on airline tickets by the French
government alone, according to the French Civil Aviation Authority, is more than $1 billion euros in the approximately six years the
UNITAID program ran, from 2006 through Jan. 23, 2013.

“The air ticket levy, a predictable
and robust source of revenue, contributes to the fight against HIV/AIDS,
tuberculosis and malaria, diseases that cause more than 4 million deaths every
year,” UNITAID, the principal beneficiary of the levy, said in January 2013 when congratulating France “for its pivotal role and leadership in innovative financing for
development.”

The first article in this series
examined many of the “specific concerns” Ortel detailed in his April 20 report,
“False Philanthropy? First Interim Report Concerning The Bill Hillary &
Chelsea Clinton Foundation.”

Ticket...ticket, Where's your ticket, kid?

This article deals with Ortel’s
investigation of the operations of the Clinton Foundation’s largest single
program, the Clinton Health Initiative Inc., typically represented in the
Clinton financial reports by the acronym CHAI.

CHAI
irregularities

In his April 20 report, Ortel spelled
out four “specific concerns” about CHAI.

Specific
Concern No. 6: Information contained in the Clinton
Foundation Annual Report that breaks down program expenditures (the key element
of activity within any tax-exempt organization) contains a glaring, material
error concerning CHAI (the largest single portion of the Clinton Foundation in
terms of regular financial inflows and outflows).

Specific
Concern No. 7: The decision to add back CHAI’s
agency activities on behalf of UNITAID is erroneous and flatly contradicts
positions taken with regard to CHAI filings for each of 2010, 2011, 2012 and
2013.

UNITAID is an international health
organization based in Geneva and hosted by the World Health Organization.

And plane tickets matter to UNITAID!

Approximately half of all UNITAID
revenue comes from levies on airplane tickets paid by travelers worldwide. Most
travelers are completely unaware of what amounts to a United Nations imposed
and collected tax that is included in the price of an average airplane ticket.

UNITAID justifies the airfare tax by
positioning itself as the first global health organization to use “buy-side
market leverage” to pressure manufactures of health-care products and drugs to
reduce prices for developing countries.

According to its website, UNITAID was
established in 2006 by the governments of Brazil, Chile, France, Norway and the
United Kingdom as the “International Drug Purchasing Facility.”

Civil society groups also govern
UNITAID, giving a voice to non-governmental organizations and communities
living with HIV, malaria and tuberculosis.

Ortel’s analysis notes “in 2006,
UNITAID sent, by its reckoning in financial statements that are available online,
$566.1 million to CHAI and to a similarly named predecessor initiative of the
Clinton Foundation.”

He says that because of discrepancies,
ambiguities and missing information, it is not possible to reconcile UNITAID’s
disclosures with the Clinton Foundation’s financial accounts, year by year,
from 2006 through 2013.

To get an idea of the possible fraud,
Ortel points out the 2013 Clinton Foundation Annual Report brochure listed CHAI
program expenditures as $127.8 million while a detailed analysis of consolidated
financial reports show CHAI’s actual program expenditures were just $99.1
million, a discrepancy of $28.7 million.

That fact was known May 13, 2014, when
the independent audit for CHAI was completed, Ortel contends.

For the period from November 2006 to
December 2013, Ortel has been able to account for $566 million that UNITAID
sent the Clinton Foundation, tens of millions in excess of what the foundation
declared.

Latest addition to Clinton living room

Ortel believes the extra funds were
diverted to the personal use of the Clinton family, with the shortfall
intentionally disguised through accounting and reporting irregularities that
make it difficult for even the most competent regulators and certified accountants
to quantify precisely.

Specific
Concern No. 10: CHAI directors also appear to face
substantial continuing legal risks created by their deficient influence over
CHAI and their continuing failures to police and account for related party
transactions.

The Bill, Hillary, and Chelsea Clinton
Foundation has had a history of prestigious and accomplished board members
since its founding in 2001.

“Under state laws, directors of
tax-exempt corporations have a raft of solemn governance duties they must
perform if they wish to discharge their responsibility and protect, even
enhance, the integrity of their organizations,” Ortel noted.

"And it's almost legal too!"

He explained to WND that directors of
charitable organizations could face criminal liabilities if they are shown to
have been negligent or complicit in any fraud perpetrated by the charity during
their term on the board.

Ortel, a frequent guest on Bloomberg
television and a contributor to several different print and Internet
publications, including the Washington Times, began his Wall Street career from
June 1980 through July 2002 with Dillon, Read, & Co., followed by the Bridgeford Group and the Chart Group.

His international investment expertise
frequently has him engaged in complex legal and financial structures in many
different countries. He is currently managing director of Newport Value Partners LLC, which provides independent investment research to professional
investors. He is a graduate of the Horace Mann School, Yale College and the
Harvard Business School.

In an article published Aug. 4, 2009,
demonstrating the financial analysis for which Ortel is perhaps best known on
Wall Street, Forbes magazine noted he first broadcast his concerns about
General Electric’s earnings quality in 2008, when the stock was trading above
$30 a share. A year later, GE’s market value had plunge by about $200 billion,
to $13 a share.